Thursday 6th April 2006
Homeowners spend an average of £10,048 each year on running their property, new research has shown.
Sainsburys Banks analysis of industry data found that this cost is roughly £1,389, or 16 per cent, higher than in 2003/4.
With rising property and utility prices, people have been advised to ensure that they shop around to find the best mortgage, utility and home insurance deals available to them.
According to the energy regulator Ofgem, over ten million domestic customers are wasting a total of £1 billion by not switching utility suppliers.
"The costs involved in running a home are rising," commented Karen Preston, home insurance manager at Sainsburys Bank.
"This makes it all the more important for homeowners to shop around in order to make sure they are getting the very best deals available, not just on home insurance but the collective running costs, everything from your mortgage to gas supply."
Mortgage repayments, alterations and improvements and council tax account for the three largest outgoings in owning and running a property.
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